Are You Loyal to Your Loyalty Program?
How many loyalty programs are you a part of? How many compete with each other? I know that I join simply for the perks, not to build actual loyalty. However, the good programs end up strengthening my relationship.
For example, I have a Stop & Shop card and a Shaws card. However, Stop and Shop provides more relevant POS coupons, and they now offer discounted gas based on points. So, I tend to go there more. As a consumer, the experience is improving. But the good news is that the strategy is improving on the business side as well.
Today's issue of 1to1 Weekly highlights research showing that retailers are thinking more strategically about their loyalty programs. Companies aren't just collecting customer data anymore; they are actually using it to calculate lifetime value and other value metrics to improve long-term customer loyalty.
How is your company advancing its loyalty strategy?
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- Loyalty is Marketing's Red-Headed Stepchild
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- What Does Customer Loyalty Really Mean, Anyway?
